Howard and Tony briefly discuss some of the things he has learned from active trading in the last few months. Specifically, he mentions time management and playing both sides as powerful forces both "for" and "against" options trading.
Still, by staying small, we are able to have more control over some of the "unknowns" that come with this style of investing.
Moving on, Tony and Howard focus on two ETFs, QQQ and SPY, and position enhancement. They roll down Calls in SPY to adjust Howard's delta and then assess the rest of his deltas for each position.